Ethereum supply shrinks: So why is ETH still stuck below $3,390?
Ethereum's supply is shrinking as large institutions continue to remove ETH from circulation, with significant staking and ETF accumulation. However, the price remains stuck below $3,390 due to selling pressure and cautious buying. Despite consistent exchange outflows indicating strong holder conviction, momentum indicators show fading buyer strength. Funding rates are positive but lack urgency, leading to restrained leverage participation. A decisive break above $3,390 is needed for a price increase, but currently, Ethereum is consolidating as structural accumulation continues without short-term conviction.